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Friday, 22 July 22
MARKET INSIGHT - INTERMODAL
 Faced with uncertainty regarding the most cost-efficient alternative fuels and the future dominant method to reduce their greenhouse emissions, many owners abstain from the newbuilding realm, especially in the wet and dry sector, while sticking to ageing fleets. During 1H22, fleet grew by 1.4% (est. 2.8% in 2022), which is way below the 10-year average growth of 3.6%. While new orders are not coming in fast enough to halt the trend of an ageing fleet, the introduction of EEXI, CII and EU ETS at the beginning of 2023, has resulted in a record of 61% of newbuild orders being alternative fuelled.
According to our data, tanker fleet renewal remains muted across 1H22. Overall, 31 vessels have been ordered within 2022 in the wet sector (with the orderbook standing at 5% of fleet capacity), of which 1 is methanol & ammonia ready, 1 is methanol fuelled, 2 are battery powered and 2 are LNG fuelled. With risks to the tanker demand still prevailing on the back of macroeconomic factors and high oil prices, the tanker market has witnessed significantly improved conditions in recent months, underpinned by shifts in trade patterns resulting in tonne-mile increase. Low stocks, paired with high refinery margins are expected to further boost trade growth in seaborne volumes and tonne-miles and contribute to the revival of an ageing fleet.
On the dry front, contracting activity hit low levels, partly on the back of uncertainty over decarbonization trends. Current orderbook stands at 7% of the fleet capacity, marking a 30-year low, which suggests a very limited growth capacity. According to our records, 85 bulkers have been ordered during 1H22, of which 5 are LNG fuelled or dual-fuelled, 3 being ammonia-ready/fuelled and 25 meeting EEDI phase 3 standards. Overall, 14 % of the total orderbook are alternative fuel capable, with Capesize segment leading the decarbonization pathway.
On the container front, however, the market sentiment is bullish with an orderbook at 28% of the fleet capacity. Amid disruptions to the world trade caused by the pandemic and a shortage of new vessels, freights have been rallying and therefore, fuelling owners’ appetite for boxhsips, which has prevailed during 1H22. More specifically, out of the total of 295 vessels ordered, 57 are dual-fuelled and LNG fuelled, 32 are methanol and ammonia-ready, while 31 meet EEDI phase 3 standards.
Newbuilding ordering activity has further been supported by the recent spree in LNG contracts. According to our data, contracting activity in the sector hit record highs with a total of 112 new vessels ordered within 2022, boosting the orderbook to 37% of the fleet capacity. Berths for the Qatar LNG project are monopolizing the owners’ interest, providing further support to the market. Out of the total of 112 vessels, 32 are booked for the Qatari project and 6 of them are dual or LNG-fuelled. Further supported by growth in LNG tonne-mile trade on the back of the sanctions on Russian gas from EU/US, and the recently announced plan for expansion of Qatar’s mega-plant and Cheniere’s Corpus Chritsti plant, market sentiment for LNG contracting activity remains firm.
By Chara Georgousi
Research Analyst
Compiled by:
Intermodal Research & Valuations
Analysts:
Yiannis Parganas
Tamara Apostolou
Disclaimer and legal disclosure: For any further queries please do not hesitate to contact our Research & Valuations Department. The information contained in this report has been obtained from various sources, as reported in the market. Intermodal Shipbrokers Co. believes such information to be factual and reliable without making guarantees regarding its accuracy or completeness. Whilst every care has been taken in the production of the above review, no liability can be accepted for any loss or damage incurred in any way whatsoever by any person who may seek to rely on the information and views contained in this material. This report is being produced for the internal use of the intended recipients only and no reproducing is allowed, without the prior written authorization of Intermodal Shipbrokers Co.
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Friday, 08 July 22
AUSTRALIAN COAL PRICE BREAKS AGAIN LEVEL US$ 400/TON!, UP AROUND 4% - CNBC INDONESIA
Coal prices shot up again and crossed the level of US$ 400 per ton. On Thursday (7/7/2022) trading, the selling price of August contract closed at ...
Friday, 08 July 22
INDONESIA MULLS MORE FREQUENT SETTING OF CRUDE PALM OIL REFERENCE PRICE - REUTERS
Indonesia is considering setting its crude palm oil (CPO) export reference price every two weeks instead of monthly, a senior trade ministry offici ...
Friday, 08 July 22
BUNKER PRICES EXPECTED TO RECOVER LOST GROUND NEXT WEEK - SERGEY IVANOV, MABUX
Over the Week 27, the world bunker indices showed a sharp decline, primarily due to the fall in oil prices on July 05. The 380 HSFO index fell by 5 ...
Thursday, 07 July 22
NTPC MINES 61% MORE COAL AT 4.22 MN METRIC TONNES IN APRIL-JUNE: PTI
State-owned power giant NTPC on Tuesday said that its coal output grew by 61 per cent to Rs 42.40 lakh metric tonnes in April-June quarter from 26. ...
Thursday, 07 July 22
COAL INDIA'S PRODUCTION SETS RECORD INCREASE OF 29% YOY AT 36 MT IN Q1FY23 - IIFL SECURITIES
Coal India Limited (CIL) has ended April-June quarter FY’23 capping a historic high of 29% yoy output growth, compared to same quarter FY&rsq ...
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- Banpu Public Company Limited - Thailand
- Semirara Mining and Power Corporation, Philippines
- Marubeni Corporation - India
- Gujarat Electricity Regulatory Commission - India
- IEA Clean Coal Centre - UK
- Jaiprakash Power Ventures ltd
- Mjunction Services Limited - India
- Altura Mining Limited, Indonesia
- CIMB Investment Bank - Malaysia
- PTC India Limited - India
- Leighton Contractors Pty Ltd - Australia
- Ministry of Transport, Egypt
- Indian Energy Exchange, India
- Romanian Commodities Exchange
- Price Waterhouse Coopers - Russia
- Borneo Indobara - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Attock Cement Pakistan Limited
- Aboitiz Power Corporation - Philippines
- Salva Resources Pvt Ltd - India
- Agrawal Coal Company - India
- Riau Bara Harum - Indonesia
- Orica Mining Services - Indonesia
- Global Business Power Corporation, Philippines
- Dalmia Cement Bharat India
- Africa Commodities Group - South Africa
- Tamil Nadu electricity Board
- Manunggal Multi Energi - Indonesia
- Ambuja Cements Ltd - India
- Toyota Tsusho Corporation, Japan
- Larsen & Toubro Limited - India
- SMG Consultants - Indonesia
- Timah Investasi Mineral - Indoneisa
- Sarangani Energy Corporation, Philippines
- Siam City Cement - Thailand
- London Commodity Brokers - England
- San Jose City I Power Corp, Philippines
- Kumho Petrochemical, South Korea
- Eastern Energy - Thailand
- Sinarmas Energy and Mining - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Coal and Oil Company - UAE
- Star Paper Mills Limited - India
- Edison Trading Spa - Italy
- Bahari Cakrawala Sebuku - Indonesia
- Vizag Seaport Private Limited - India
- Sojitz Corporation - Japan
- The University of Queensland
- Tata Chemicals Ltd - India
- Aditya Birla Group - India
- Indian Oil Corporation Limited
- Thiess Contractors Indonesia
- McConnell Dowell - Australia
- Kaltim Prima Coal - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Simpson Spence & Young - Indonesia
- Posco Energy - South Korea
- Karbindo Abesyapradhi - Indoneisa
- ASAPP Information Group - India
- Bhushan Steel Limited - India
- Renaissance Capital - South Africa
- Parry Sugars Refinery, India
- PowerSource Philippines DevCo
- Kalimantan Lumbung Energi - Indonesia
- Indogreen Group - Indonesia
- Therma Luzon, Inc, Philippines
- Karaikal Port Pvt Ltd - India
- Bharathi Cement Corporation - India
- PNOC Exploration Corporation - Philippines
- Georgia Ports Authority, United States
- Barasentosa Lestari - Indonesia
- Ministry of Mines - Canada
- Intertek Mineral Services - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Medco Energi Mining Internasional
- VISA Power Limited - India
- ICICI Bank Limited - India
- AsiaOL BioFuels Corp., Philippines
- Samtan Co., Ltd - South Korea
- Malabar Cements Ltd - India
- Wood Mackenzie - Singapore
- Sical Logistics Limited - India
- Global Green Power PLC Corporation, Philippines
- GAC Shipping (India) Pvt Ltd
- Straits Asia Resources Limited - Singapore
- Mercuria Energy - Indonesia
- Thai Mozambique Logistica
- Pendopo Energi Batubara - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Sree Jayajothi Cements Limited - India
- Krishnapatnam Port Company Ltd. - India
- Indo Tambangraya Megah - Indonesia
- Maheswari Brothers Coal Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Planning Commission, India
- New Zealand Coal & Carbon
- Bukit Baiduri Energy - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- White Energy Company Limited
- Mercator Lines Limited - India
- Bhatia International Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Indonesian Coal Mining Association
- Kartika Selabumi Mining - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Sindya Power Generating Company Private Ltd
- Sakthi Sugars Limited - India
- Chettinad Cement Corporation Ltd - India
- MS Steel International - UAE
- Singapore Mercantile Exchange
- Central Java Power - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Oldendorff Carriers - Singapore
- Merrill Lynch Commodities Europe
- Bhoruka Overseas - Indonesia
- Indika Energy - Indonesia
- South Luzon Thermal Energy Corporation
- Metalloyd Limited - United Kingdom
- Baramulti Group, Indonesia
- Energy Development Corp, Philippines
- Standard Chartered Bank - UAE
- Maharashtra Electricity Regulatory Commission - India
- Neyveli Lignite Corporation Ltd, - India
- Bayan Resources Tbk. - Indonesia
- Petron Corporation, Philippines
- Economic Council, Georgia
- Power Finance Corporation Ltd., India
- Chamber of Mines of South Africa
- Grasim Industreis Ltd - India
- Eastern Coal Council - USA
- Bangladesh Power Developement Board
- Directorate Of Revenue Intelligence - India
- Globalindo Alam Lestari - Indonesia
- Meenaskhi Energy Private Limited - India
- Asmin Koalindo Tuhup - Indonesia
- GMR Energy Limited - India
- Ind-Barath Power Infra Limited - India
- Independent Power Producers Association of India
- Kobexindo Tractors - Indoneisa
- Formosa Plastics Group - Taiwan
- International Coal Ventures Pvt Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Coastal Gujarat Power Limited - India
- Trasteel International SA, Italy
- Uttam Galva Steels Limited - India
- OPG Power Generation Pvt Ltd - India
- Binh Thuan Hamico - Vietnam
- Ceylon Electricity Board - Sri Lanka
- Savvy Resources Ltd - HongKong
- European Bulk Services B.V. - Netherlands
- Kideco Jaya Agung - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- The State Trading Corporation of India Ltd
- The Treasury - Australian Government
- SN Aboitiz Power Inc, Philippines
- Electricity Authority, New Zealand
- Goldman Sachs - Singapore
- Australian Commodity Traders Exchange
- Anglo American - United Kingdom
- Makarim & Taira - Indonesia
- India Bulls Power Limited - India
- Jorong Barutama Greston.PT - Indonesia
- LBH Netherlands Bv - Netherlands
- Billiton Holdings Pty Ltd - Australia
- Deloitte Consulting - India
- TeaM Sual Corporation - Philippines
- Siam City Cement PLC, Thailand
- Jindal Steel & Power Ltd - India
- Cement Manufacturers Association - India
- Xindia Steels Limited - India
- Orica Australia Pty. Ltd.
- Lanco Infratech Ltd - India
- Latin American Coal - Colombia
- Energy Link Ltd, New Zealand
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kepco SPC Power Corporation, Philippines
- Rashtriya Ispat Nigam Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Port Waratah Coal Services - Australia
- CNBM International Corporation - China
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Wilmar Investment Holdings
- Central Electricity Authority - India
- Antam Resourcindo - Indonesia
- Mintek Dendrill Indonesia
- Parliament of New Zealand
- Bukit Asam (Persero) Tbk - Indonesia
- Essar Steel Hazira Ltd - India
- IHS Mccloskey Coal Group - USA
- Electricity Generating Authority of Thailand
- Ministry of Finance - Indonesia
- GVK Power & Infra Limited - India
- Videocon Industries ltd - India
- Global Coal Blending Company Limited - Australia
- Interocean Group of Companies - India
- Bukit Makmur.PT - Indonesia
- Madhucon Powers Ltd - India
- Rio Tinto Coal - Australia
- Meralco Power Generation, Philippines
- Bulk Trading Sa - Switzerland
- Australian Coal Association
- Minerals Council of Australia
- Heidelberg Cement - Germany
- Iligan Light & Power Inc, Philippines
- Gujarat Sidhee Cement - India
- Cigading International Bulk Terminal - Indonesia
- Alfred C Toepfer International GmbH - Germany
- SMC Global Power, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Gujarat Mineral Development Corp Ltd - India
- Commonwealth Bank - Australia
- Semirara Mining Corp, Philippines
- Vedanta Resources Plc - India
- Coalindo Energy - Indonesia
- Carbofer General Trading SA - India
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